Prior to starting construction, all necessary
funds required to complete construction shall be guaranteed in a form
and amount acceptable to the Borough and/or Authority. Acceptable
methods of assurance include, but are not limited to, surety bonds,
irrevocable letter of credit, cash escrow, etc.
Prior to acceptance of the construction by the
Borough and/or Authority, the developer shall provide a bond or guarantee
in a form acceptable to the Borough and/or Authority, guaranteeing
the new facilities to be free from defects for a period of 18 months
after the facilities are accepted by the Borough/Authority.
Prior to starting construction effecting any
Borough and Authority property, the Borough and Authority shall be
furnished by the developer, and/or contractor with the following:
A.
An indemnification agreement in a form approved by
the Borough and Authority solicitors to hold the Borough/Authority
and/or its employees and agents harmless from any and all claims arising
from said construction;
B.
Evidence of general liability insurance in an amount
of not less than $2,000,000 per claim. A certificate of insurance
issued by the carrier for the developer indemnifying the Borough and
Authority and their agents as named beneficiaries shall be provided
and have a sixty-day cancellation clause.
C.
Evidence of workmen's compensation insurance coverage
as required by law.
